EarlyRain Inc., a company focussed on profitably implementing smartcard technology across North America – was publicly launched Thursday as shareholders approved the name change from Yes I.C. Technologies Inc. and the completion of its qualifying transaction.
EarlyRain at the shareholders meeting on October 11, 2000, approved the acquisition of all the issued and outstanding shares of Yes I.C. Smart Cards Inc. (“YCards”) and the name change to EarlyRain Inc.
“EarlyRain will now move strongly forward to profitably launch smartcard technology applications in our core specialized fields of healthcare, golf, and advanced retailing services,” said Hal Walker, a prominent Calgary businessman and chairman of the new company. “We intend to be an industry leader as the emerging benefits of cost-effective smartcard applications spread across North America.”
The purchase of all YCards shares effective October 12, 2000, was made pursuant to an Offer to Purchase and Take Over Bid Circular (“Offer”) made by the corporation dated September 20, 2000. The Corporation has as a result issued 8,105,217 common shares in exchange for all the YCards shares.
An aggregate of 5,690,065 of the common shares issued in connection with the Offer are subject to escrow provisions: 10% will be released following issuance of the Final Exchange Notice and an additional 15% will be released from escrow on the 6, 12, 18, 24, 30 and 36 month anniversaries of the date of the completion of the YCards acquisition.
In addition, the Corporation issued 744,000 options to purchase Common Shares to eligible employees, directors, officers and consultants of the Corporation and its affiliates. The options to purchase Common Shares are non-transferable and exercisable at a price of $0.20 per Common Share for a period of five years.
The Corporation is a capital pool company and the acquisition of the securities of YCards constitutes the Corporation’s qualifying transaction pursuant to the Policies of the Canadian Venture Exchange. On receiving the final approval of this transaction by Canadian Venture Exchange the Corporation will no longer be a capital pool company.
EarlyRain Inc., is a Calgary based company led by an accomplished well-known team of business executives, who combine a solid record of business success with industry-leading technological expertise in the smartcard field. Its board includes directors with solid expertise launching successful technology companies.
The primary focus of EarlyRain is to fully exploit the profitable implementation of affordable smartcard technology in the growing healthcare, golf, and leading edge merchandising sectors. Through existing subsidiaries, new acquisitions, and exclusive strategic alliances with established North American leaders, EarlyRain also has the ability to integrate the Internet, E-commerce, and advanced data exchange systems to provide cost-effective solutions.Details